Ray-Ban and Oakley owner in US$49b merger with Essilor

London

ESSILOR of France said on Monday that it would merge with the Luxottica Group of Italy - owner of the Ray-Ban and Oakley brands - in a US$49 billion deal that would create a giant in the eyewear industry.

The combined company, to be known as EssilorLuxottica, would be the largest player in the eyewear market, manufacturing lenses for prescription glasses and sunglasses, as well as frames. It would have a presence online as well as in stores, with brands including Foster Grant, Oliver Peoples, Persol, LensCrafters, Pearle Vision and Sunglass Hut.